Kalepa Raises $75 Million Series B at $470 Million Valuation
Kalepa Raises $75 Million Series B at $470 Million Valuation #
New York-based insurance AI startup Kalepa has closed a $75 million Series B at a $470 million valuation, bringing total capital raised to $91 million since the company’s founding. Updata Partners led the round, with existing investors IA Ventures and Inspired Capital also participating, according to an announcement on November 5.
The raise comes five years after Kalepa’s $14 million Series A. The company attributes the gap in part to having run cash flow positive for more than two years. Over the past year, Kalepa says both revenue and customer count tripled, growth the company cited when announcing plans to accelerate expansion.
Kalepa’s platform serves commercial insurance customers including insurers, managing general agents, reinsurers, and program administrators. The software runs AI agents across core underwriting workflows: processing submissions, pricing risk, managing operations, and monitoring portfolios. The system routes decisions to human underwriters where specialist judgment or formal approval is required, and outputs are designed to be traceable and auditable.
Insurers using the platform have reported 30% to 60% faster quote turnaround, more than 58% greater premium written per underwriter, a doubled quote-to-bind rate, and a 960-basis-point improvement in combined ratio, a standard measure of insurance profitability. Kalepa notes these are customer-reported figures, not guaranteed results.
CEO Paul Monasterio and COO Daniel Hillman co-founded the company. Recent hires include David Meister, formerly of wealth management technology firm Addepar, as Chief Revenue Officer, and Audrey Howell, whose background includes Palantir and Butterfly Network, as head of product.
Series B proceeds will fund expansion of Kalepa’s AI product suite, entry into new markets, and a plan to double headcount through 2027. AI-focused firms captured the vast majority of insurtech investment through mid-2026, as investors have concentrated on the sector’s manual, data-intensive underwriting workflows as automation targets.
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